Eric Allison, Chief Product Officer at Gobi Aviation (NYSE:), recently sold 1,121 shares of the company's common stock. The shares were sold at an average price of $8.35 per share, for a total of approximately $9,360. This transaction, dated January 15, 2025, was part of a sale to cover taxes due upon the issuance and settlement of restricted stock units (RSUs).
In addition to this sale, Allison acquired 3,089 shares of common stock on January 14, 2025, through the exercise of restricted stock units. These RSUs are awarded under the Joby Aviation 2024 Performance Award Programme, with entitlement conditional on achieving specific performance targets.
Following these transactions, Allison will directly own a total of 572,235 shares. Joby Aviation, headquartered in Santa Cruz, California, is best known for developing electric vertical take-off and landing (eVTOL) aircraft.
In other recent news, Joby Aviation has seen a series of important developments. Needham & Company revised its outlook on Joby Aviation, raising the price target from $8.00 to $10.00 while maintaining a Buy rating. This review comes after a discussion with Eric Allison, Chief Product Officer at Joby, at the 27th Annual Needham Growth Conference. The Needham analyst expressed continued confidence in the company, citing Gobi's expected international launch in the UAE later this year, as well as expected local regulatory approval by the Federal Aviation Administration (FAA).
Analysts from Canaccord Genuity and HC Wainwright also reiterated their buy ratings for Joby Aviation, indicating confidence in the company's trajectory. The company has strengthened its financial position by securing additional liquidity of US$232 million from the recent equity raise, and a capital commitment of US$500 million from its partner. Toyota (New York Stock Exchange:). Joby Aviation also completed static load testing of a major airframe, marking a major milestone in the company's progress towards building the final conformal aircraft design and flying it within the year.
However, the company's CFO, Matthew Field, announced his resignation due to personal reasons. CEO Joben Biffert and company controller Sergei Novikov will serve as Field's interim replacements. Finally, Joby Aviation made significant regulatory progress with the FAA issuing Part 141 certification for its pilot training academy and accepting Part 5 Safety Management System for Flight Operations ahead of the deadline.
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